North Shore Inno Ventures
North Shore Inno Ventures
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About this organization
Mission
Incubating innovation: saving lives and saving the environment. North Shore InnoVentures is building a culture of innovation on the North Shore of Massachusetts by incubating and accelerating start-up biotech and cleantech companies that tackle difficult problems, open new markets and create jobs
About
By the end of June 2018 there were 11 Biotech member companies and 15 graduates. Approximately 108 people were employed by the member companies and 127 by the graduates for a total of 235 jobs created. The biotech companies in the incubator also trained 19 interns in the past year. The costs related to the buildout in FY 2017 such as increased rent, utilities, insurance, depreciation and debt service caused expenses to grow somewhat more than revenues resulting in an operating loss. Cash flow is more favorable as depreciation represents essentially all of the operating loss. Increasing sponsorships and memberships are expected to offset the increased expenses going forward. No grants were provided by NSIV.
Interesting data from their 2020 990 filing
From their filing, the objective of the non-profit is stated as “Operate a non-profit business incubator designed to foster innovation in the life sciences and clean tech and thus support economic development.”.
When talking about its functions, they were outlined as: “Operate incubator designed to foster innovation in the life sciences and clean tech.”.
- The legally reported state of operation for the non-profit is MA.
- According to the filing, the non-profit's address in 2020 is 100 Cummings Center No 451-C, Beverly, MA, 01915.
- The non-profit organization as of 2020 has a total of 7 employees reported on their form.
- Is not a private foundation.
- Expenses are greater than $1,000,000.
- Revenue is greater than $1,000,000.
- Revenue less expenses is -$303,074.
- The organization has 7 independent voting members.
- The organization was formed in 2008.
- The organization pays $508,582 in salary, compensation, and benefits to its employees.
- The organization pays $65,194 in fundraising expenses.
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